QUESTIONS WITHOUT NOTICE

Senator GALLAGHER (Australian Capital Territory—Minister for Finance, Minister for the Public Service, Minister for Women, Minister for Government Services and Manager of Government Business in the Senate) (14:27): I thank Senator Dowling for that important question. He is correct that, last week, Fitch reaffirmed Australia's AAA credit rating, Australia continues to hold the AAA credit rating from all three major ratings agencies, and we are one of only nine countries in the world to do so.

In the report—the assessment—Fitch praised the government's efforts to reduce the budget deficit and noted Australia's growth outlook exceeds the growth outlook for AAA rated peers. It's independent recognition of the work that we have done to repair the budget, and it matters more in times of heightened global uncertainty. The global economy is in the most uncertain phase since the pandemic, and the ongoing war in the Middle East is driving up fuel and transport costs, which are being felt here at home, but the final budget outcome released last month was stronger than both the position we inherited and what we forecast in the budget.

The deficit was $6 billion better than forecast at budget and around half of what was forecast by those opposite when we came to government. Overall, the budget is $230 billion stronger than when we came to office, and every single one of our budget updates has delivered savings. We've strengthened the budget bottom line, and, at the same time, we've been able to provide cost-of-living relief to Australians without adding to inflation.

We've seen nearly 13 million Australians receive $700 million in tax cuts in the first quarter since 1 July. We're also cutting income taxes for workers and investing in services Australians deserve, like Medicare, NDIS and defence, and we have been repairing the budget over time, since coming to government, to get it in better shape.